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Iceland Moves on from Banking Collapse

Four years after the collapse of Iceland's three largest banks, the island republic in the north Atlantic is booming again with strong growth.

It also has low unemployment, a balanced national budget for 2013, and it is speedily repaying its foreign debt.

The economic development is "really, really good," economist Olafur Isleifsson says.


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They should raise interest rates to attract foreign capital.

This will reduce the principal value of their government, corporate and personal debt and give the debt holders ability to get out from under since it will also increase the value of the Icelandic krona and their personal debts and mortgages are apparently held in euros and other foreign currencies.

This will hurt their exporters somewhat but at the moment they are having a great time so it is a tradeoff.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Would make a good "Ron Paul" commercial.

Anyone from the PACs listening?


from everything I read (which is not much :) ) they have been taken over by socialist do gooders. So it won't be long before they need one of those pesky banks to pay for it.


I guess Iceland will have to be added to the axis of evil now. If they do not want to comply with international banking they are dangerous.

Henceforth, we should start calling them Icelando Fascist terrorists so we can hit them with a few drone bombs until they get back into the World Banking system.

Ben Bernanke

egapele's picture

Good one!